CEO Looted Pension Plan, PGBC Says

CHICAGO (CN) – Liam Ventures CEO William Farley pledged $65 million of the company’s pension assets to secure a personal loan, defaulted on it, “forgave” $19 million of his own debt, and left the company’s ERISA plan $121 million in the hole, the Pension Benefit Guaranty Corp. claims in Federal Court.

The PBGC also claims that Farley, “in his capacity as sole director of LV, caused LV to permanently forgive and release all claims with respect to the full outstanding balance of loans LV had made to Farley – a total of $19,329,957,” concluding, without basis, that he would be unable to repay it. Liam Ventures also was known as Farley Metals and Farley Inc.